Formic acid synthesis using CO2 as raw material: Techno-economic and environmental evaluation and market potential

This work utilises process flow modelling, with simulations developed in CHEMCAD, to obtain the energy and mass balances, and the purchase equipment cost of the formic acid plant. Through a financial analysis, with the net present value as selected metric, the price of the tonne of formic acid and of CO2 are varied to make the CDU project financially feasible. According to our research, the process saves CO2 emissions when compared to its corresponding conventional process, under specific conditions. The success or effectiveness of the CDU process will also depend on other technologies and/or developments, like the availability of renewable electricity and steam.